Promoting Global Monetary and Financial Stability
The Bank for International Settlements after Bretton Woods, 1973–2020

A multi-faceted look at what global central bank cooperation has - and has not - achieved over the past half century.

Claudio Borio (Edited by), Stijn Claessens (Edited by), Piet Clement (Edited by), Robert N. McCauley (Edited by), Hyun Song Shin (Edited by)

9781108495981, Cambridge University Press

Hardback, published 30 April 2020

302 pages
23.4 x 15.6 x 1.7 cm, 0.57 kg

'This book provides an excellent and authoritative account of BIS' evolving role in the international coordination of monetary and financial stability policies, and as the birthplace of new ideas like macro-prudential policies.' Markus Brunnermeier, Princeton University

As the global organisation of central banks, the Bank for International Settlements (BIS) has played a significant role in the momentous changes the international monetary and financial system has undergone over the past half century. This book offers a key contribution to understanding these changes. It explores the rise of the emerging market economies, the resulting shifts in the governance of the international financial system, and the role of central bank cooperation in this process. In this truly multidisciplinary effort, scholars from the fields of economics, history, political science and law unravel the most poignant episodes that marked this period, including European monetary unification, the paradigm shifts in economic and financial analysis, the origins and influence of macro-financial stability frameworks, the rise of soft law in international financial governance, central bank crisis management in the wake of the Great Financial Crisis, and, finally, the institutional evolution of the BIS itself.

List of graphs and tables
List of contributors
Foreword Agustín Carstens
Acknowledgements
List of acronyms
Introduction Claudio Borio, Stijn Claessens, Piet Clement, Robert N. McCauley and Hyun Song Shin
1. The BIS and the European monetary experiment Harold James
2. The governance of the Bank for International Settlements, 1973–2020 Catherine R. Schenk
The BIS in pictures, 1973–2020
3. A theory of everything: a historically grounded understanding of soft law – and the BIS Chris Brummer
4. Tower of contrarian thinking: how the BIS helped reframe understandings of financial stability Andrew Baker
5. Exchange rates, capital flows and the financial cycle: on the origins of the BIS view Barry Eichengreen
6. The Bank for International Settlements: if it didn't exist, it would have to be invented (an insider's view) William C. Dudley
Annex 1. BIS chronology
Annex 2. BIS-based committees: membership, chairs and secretaries, 1962–2020
Annex 3. BIS balance sheet, 1980–2019
Annex 4. Current and former functionaries of the BIS board of directors and BIS management, 1973–2020
Annex 5. Shareholding members of the BIS as on 1 July 2020
Note on sources
Bibliography
Index.

Subject Areas: Economic history [KCZ], Monetary economics [KCBM], Macroeconomics [KCB]